GUYANA is well poised for economic take-off. This is due in no small measure to our newly found oil and gas riches, but also to the enlightened and forward-looking economic and fiscal policies of the government of the day. Only recently, the sod was turned for a second Marriott-branded Hotel at the Courtyard of the Cheddi Jagan International Airport.

President, Dr. Mohamed Irfaan Ali, who was present at the sod-turning ceremony, said that the government is also facilitating other investment opportunities in the vicinity of the airport ‘to ensure that our airport serves with excellence and provides that welcoming environment to showcase the masterpiece of Guyana and the character of the Guyanese hospitality’.

United States Ambassador, Sarah-Ann Lynch, who also participated in the ceremony, noted that the hotel will create jobs for Guyanese and provide opportunities for the training of skills necessary for work at a world-class hospitality company. These skills, she said, will be based on valuable US export, services and knowledge transfer which, hopefully, will continue in the coming years.

The United States is a major investment partner for Guyana. That investment portfolio grew significantly since the commencement of exploratory drilling in 2015 by oil giant, Exxon Mobil, with an injection of over $4 billion so far. The prospect for additional investments looks good with recoverable oil found in 16 out of 18 attempts with an estimated eight billion barrels.

The Guyana Government actively encourages Foreign Direct Investment (FDI) and offers a wide array of tax concessions and other incentives not only to the companies doing business in oil and gas, but to several other areas of investment, including agriculture and mining.

As pointed out by President Ali, Guyana is well positioned to become the most exciting investment destination in the western hemisphere. Such exciting opportunities do not reside only in the oil and gas sector, even though it has to be said that it is the discovery of oil in commercial quantities that has really catapulted Guyana on the international economic and investment stage.

Guyana’s investment opportunities are truly boundless. Investors doing business with Guyana and those contemplating investment opportunities can be assured of the support of the current administration, especially in terms of the creation of an enabling environment for business to grow and expand. Indeed, investors can expect a macro-economic framework that guarantees stability and security of investment capital, in addition to fiscal incentives to grow their investments in a friendly and competitive environment.

Another significant factor that cannot be overlooked is the measures taken by the current administration to remove  bottlenecks in doing business, especially with regard to property rights and the rule of law.

There can be no doubt that the country is on an upward trajectory which can only get stronger and better. The country is pursuing a transformative agenda which would require massive investment. Foreign Direct Investment forms an important component of that investment regime. The local private sector certainly has a role to play in this transformation process by way of linkages with foreign investors and also through capitalising on local content.

In the final analysis, it is the extent to which we can create wealth that will determine how well we do economically as a country. In this regard, we are all stakeholders in this exciting process of national development.